Okta, Inc. (OKTA) 2027 Q2 法說會逐字稿

Hi, everyone. Welcome to Okta's second quarter fiscal 2027 earnings webcast. I'm Dave Gennarelli, Senior Vice President of Investor Relations at Okta. Presenting in today's meeting will be Todd McKinnon, our Chief Executive Officer and Co-Founder; and Brett Tighe, our Chief Financial Officer. Eric Kelleher, our President and Chief Operating Officer, will join the Q&A portion of the meeting.

大家好。歡迎收看 Okta 2027 會計年度第二季財報網路直播。我是 Okta 投資人關係資深副總裁 Dave Gennarelli。今天的會議將由我們的執行長暨共同創辦人 Todd McKinnon，以及財務長 Brett Tighe 進行簡報。我們的總裁暨營運長 Eric Kelleher 將在問答環節加入。

Around the same time that the earnings press release hit the wire, we posted supplemental commentary to the IR website. Today's meeting will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook and market positioning.

在財報新聞稿發布到媒體的同一時間，我們也在投資人關係網站上張貼了補充說明。今天的會議將包含依據 1995 年《私人證券訴訟改革法》安全港條款所作的前瞻性陳述，包括但不限於關於我們財務展望與市場定位的陳述。

Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

前瞻性陳述涉及已知與未知的風險與不確定性，可能導致我們的實際結果、表現或成就與前瞻性陳述中明示或暗示者存在重大差異。

Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect our financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously filed Form 10-K.

前瞻性陳述僅代表管理團隊在作出陳述當日的信念與假設。可能影響我們財務結果的因素資訊，會不時載於我們向美國證券交易委員會（SEC）提交的文件中，包括先前提交之 Form 10-K 中題為「風險因素」的章節。

In addition, during today's meeting, we will discuss non-GAAP financial measures. Though we may not state it explicitly during the meeting, all references to profitability are non-GAAP. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

此外，在今天的會議中，我們將討論非 GAAP 財務衡量指標。即使我們在會議中未明確說明，所有對獲利能力的提及均為非 GAAP。這些非 GAAP 財務衡量指標是對依據 GAAP 編製之財務績效衡量指標的補充，並非替代，也不應被視為更優。

A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release. You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics posted on our Investor Relations website. In today's meeting, we will quote a number of numerical growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents a year-over-year comparison.

GAAP 與非 GAAP 財務衡量指標之間的調節表，以及使用非 GAAP 指標相較於其最接近 GAAP 對應項目的限制說明，均可在我們的財報新聞稿中查閱。您也可在我們的補充財務資料中找到更詳細資訊，其中包含趨勢財務報表與關鍵指標，並已張貼於我們的投資人關係網站。在今天的會議中，當我們討論財務表現時，將引用多項數值型的成長變動。除非另有說明，每一項此類引用皆代表年對年比較。

And now I'd like to turn the meeting over to Todd McKinnon. Todd?

接下來我想把會議交給 Todd McKinnon。Todd？

Thanks, Dave, and thank you, everyone, for joining us this afternoon. Our Q2 financial performance was driven by broad-based strength across our core workforce identity and customer identity platforms. Particular areas of strength were once again with large enterprises, partner engagement and contribution from our newer products.

謝謝你，Dave，也感謝各位今天下午加入我們。我們第二季的財務表現，來自於核心員工身分（workforce identity）與客戶身分（customer identity）平台的全面性強勁動能。特別強勁的領域再次出現在大型企業、合作夥伴互動，以及我們較新產品的貢獻。

This afternoon, I'll walk through the strength of our core business, the momentum of our portfolio of new products and our investments in product innovation and breadth. And finally, with AI security remaining top of mind for our customers, I'll share the advancements we're making with AI product development and early customer wins.

今天下午，我將說明我們核心業務的強勁表現、我們新產品組合的動能，以及我們在產品創新與廣度上的投資。最後，隨著 AI 安全仍是客戶最關注的議題之一，我將分享我們在 AI 產品開發上的進展與早期客戶勝利案例。

We were pleased to see an acceleration in annual contract value growth for both workforce identity and customer identity, driven by strong execution and sales productivity. Additionally, the emerging use of AI by organizations and threat actors alike has further elevated the role identity plays within a company's security posture.

我們很高興看到員工身分與客戶身分兩者的年度合約價值（ACV）成長加速，這主要受惠於強勁的執行力與銷售生產力。此外，組織與威脅行為者（threat actors）對 AI 的新興使用，也進一步提升了身分在企業資安態勢中的角色重要性。

Organizations are accelerating their infrastructure modernization time lines to address this heightened threat environment, and we're seeing conversations that begin with securing AI broaden into identity modernization initiatives.

為了因應更嚴峻的威脅環境，組織正加速其基礎架構現代化的時程；我們也看到，原本從「保護 AI」開始的對話，正擴展為「身分現代化」的倡議。

Our portfolio of new products are an important and fast-growing component of our solution set. In Q2, new products represented approximately 30% of bookings. Okta Identity Governance was once again the leading contributor. On average, the ACV uplift when any of the new products are included in a deal is about 40%. Product innovation is a primary investment area aimed at accelerating top line growth.

我們的新產品組合是解決方案的重要且快速成長的組成部分。在第二季，新產品約占訂單（bookings）的 30%。Okta Identity Governance 再次成為最大的貢獻者。平均而言，只要交易中包含任何新產品，ACV 的提升幅度約為 40%。產品創新是我們主要的投資領域之一，目標在於加速營收成長。

Those efforts have already resulted in faster product velocity, including advancements in our AI products and in the public sector. We're excited about the launch of Agent gateway, which enforces policy at run time and delivers vendor-neutral protection across platforms and clouds, including Claude Code, Cursor, GitHub Copilot, Salesforce Agentforce and any agent pointed at an MCP endpoint.

這些努力已帶來更快的產品迭代速度，包括我們 AI 產品以及在公部門的進展。我們對 Agent gateway 的推出感到振奮；它可在執行階段（run time）強制政策，並在各平台與雲端提供供應商中立（vendor-neutral）的防護，涵蓋 Claude Code、Cursor、GitHub Copilot、Salesforce Agentforce，以及任何指向 MCP 端點的代理（agent）。

The public sector has been one of our best-performing verticals over the past few years. We look to build on this momentum with the general availability of Okta for AI Agents-Core. With this new SKU, Okta became the first independent neutral identity platform to bring AI agent governance to highly regulated environments, including FedRAMP and HIPAA.

過去幾年，公部門一直是我們表現最好的垂直產業之一。隨著 Okta for AI Agents-Core 正式全面上市（general availability），我們希望在此動能上再接再厲。透過這個新的 SKU，Okta 成為第一個獨立且中立的身分平台，將 AI 代理治理帶入高度監管的環境，包括 FedRAMP 與 HIPAA。

We're also unlocking more US federal opportunities with the recently earned Impact Level 5, or IL5, the highest level unclassified cloud authorization for the US Department of Defense. Achieving IL5 authorization is a critical milestone as defense organizations aim to meet the DoD's 2027 Zero Trust mandate.

我們也透過近期取得的 Impact Level 5（IL5）解鎖更多美國聯邦機會；IL5 是美國國防部（DoD）對非機密雲端授權的最高等級。取得 IL5 授權是一項關鍵里程碑，因為國防組織正致力於達成 DoD 於 2027 年的零信任（Zero Trust）要求。

In addition to our organic product innovation, we have a successful track record with our tuck-in acquisition strategy, which helps accelerate our product road map. We just completed the acquisition of Permiso, a cloud-native identity security platform that detects and mitigates threats across human, nonhuman and agentic identities in multi-cloud environments.

除了有機的產品創新之外，我們在補強式併購（tuck-in acquisition）策略上也有成功的實績，可協助加速我們的產品藍圖。我們剛完成對 Permiso 的收購；Permiso 是雲端原生的身分安全平台，可在多雲環境中偵測並緩解跨人類、非人類與代理型（agentic）身分的威脅。

Permiso will be integrated into a unified security offering with our existing ITP and ISPM solutions. The combination strengthens Okta's AI security offerings with enhanced visibility into autonomous agent behaviors and additional runtime controls to ensure secure agentic activity in real time.

Permiso 將與我們既有的 ITP 與 ISPM 解決方案整合，形成統一的安全產品。此一結合透過強化對自主代理行為的可視性，以及增加執行階段控制（runtime controls），以確保代理型活動能即時安全運作，從而強化 Okta 的 AI 安全產品。

While there's been a lot of talk by other companies about identity security for AI, Okta has generally available products that are already delivering real value for our customers. Okta's proven leadership in identity uniquely positions us to secure the AI era. Identity is the primary control plane for securing AI and customers are extending the trusted foundation they already rely on with Okta's neutral, modern enterprise-grade identity platform to now cover agents.

儘管其他公司對 AI 的身分安全有許多討論，Okta 已有正式全面上市的產品，並且正在為客戶帶來實質價值。Okta 在身分領域經驗證的領導地位，使我們具備獨特優勢來守護 AI 時代。身分是保護 AI 的主要控制平面（control plane）；客戶正將他們已信賴的基礎延伸，透過 Okta 中立、現代、企業級的身分平台，將涵蓋範圍擴展到代理（agents）。

We continue to build on three unique advantages to help our customers navigate this shift: distribution, product breadth and neutrality. While adoption remains in its early stages, momentum is growing, and those advantages are translating into customer demand reflected in the dozens of AI deals we won in Q2.

我們持續建立三項獨特優勢，協助客戶因應這項轉變：通路（distribution）、產品廣度與中立性。雖然採用仍處於早期階段，但動能正在增長，而這些優勢正轉化為客戶需求，反映在我們第二季贏得的數十筆 AI 交易中。

Our product breadth was a key driver in securing a multimillion-dollar Okta for AI Agents deal with a Fortune 50 healthcare company. AI was spreading across their organization, and they couldn't tell where their agents were, what those agents were connected to and what they could do.

我們的產品廣度是促成與一家《財富》50 大醫療保健公司簽下數百萬美元 Okta for AI Agents 交易的關鍵驅動因素。AI 正在其組織內部擴散，而他們無法判斷其代理位於何處、這些代理連到哪些系統，以及它們能做什麼。

Okta will give them a single control plane to discover, secure and govern those agents, helping them meet strict HIPAA compliance requirements. Okta will manage their entire identity fabric, including agent governance, privileged access and identity security, helping to ensure every human, nonhuman and agent identity is managed.

Okta 將為他們提供單一控制平面，用於發現、保護並治理這些代理，協助其滿足嚴格的 HIPAA 合規要求。Okta 將管理其完整的身分架構（identity fabric），包括代理治理、特權存取與身分安全，協助確保每一個人類、非人類與代理身分都受到管理。

Our distribution advantage comes from the reach and trust we've built as the identity system of record for more than 20,000 customers. We saw it at work with a global business management consulting firm that was racing to put its own AI agents into production.

我們的通路優勢來自於：作為超過 20,000 家客戶的身分系統紀錄（system of record），我們建立了廣泛觸及與信任。我們在一家全球商業管理顧問公司身上看到了這點；該公司正加速將自家的 AI 代理投入生產環境。

After considering an in-house build, the firm chose Okta for AI agents for its single control plane for human and nonhuman identities, faster deployment and lower cost of ownership. Okta will carry the agent's identities through every handoff, binding the agents to the original employees' delegation with a verifiable record that can satisfy client and regulatory requirements.

在考慮自行建置後，該公司選擇 Okta for AI agents，因為它能為人類與非人類身分提供單一控制平面、部署更快且總持有成本更低。Okta 將在每一次交接中承載代理的身分，將代理與原始員工的授權委派綁定，並提供可驗證的紀錄，以滿足客戶與監管要求。

Our neutrality was critical to an Okta for AI agents deal with one of the world's largest asset managers where AI was rolling out faster than their security team could govern. Thousands of agents from multiple vendors were running in production, creating risks the organization couldn't consistently see or control.

我們的中立性，對於與全球最大資產管理公司之一達成 Okta for AI agents 交易至關重要；當時 AI 的推進速度快到其資安團隊無法有效治理。來自多家供應商的數千個代理在正式環境中運行，造成該組織無法一致地看見或控制的風險。

Only Okta's independent and neutral platform could cover their heterogeneous environment from employees and devices to AI agents without vendor lock-in. Okta will provide visibility across all agents and enforce least privileged access so every agent gets only what it needs.

只有 Okta 獨立且中立的平台，才能在不被供應商綁定的情況下，涵蓋其異質環境，從員工與裝置到 AI 代理皆可納入。Okta 將提供跨所有代理的可視性，並強制最小權限存取，讓每個代理只取得其所需的權限。

The common theme across these three wins and the other AI deals we've closed is that customers want to move quickly without compromising on security and control. Okta for AI agents lets them do both by helping them discover, govern and protect every agent.

這三項勝利以及我們已完成的其他 AI 交易，其共同主題是：客戶希望快速推進，同時不犧牲安全性與控管能力。Okta for AI agents 讓他們兩者兼得，協助其發現、治理並保護每一個代理。

More broadly, the fragmentation of the AI landscape creates significant opportunities for Okta. As enterprises deploy agents across models, clouds, applications and infrastructure, they need a neutral identity layer that can secure it all.

更廣泛而言，AI 版圖的碎片化為 Okta 帶來顯著機會。當企業在不同模型、雲端、應用程式與基礎設施上部署代理時，他們需要一個中立的身分層，能夠全面加以保護。

That's why we partner with industry leaders, including Anthropic, which this quarter named Okta the first identity provider supporting Enterprise Managed Auth for MCP connectors. Now generally available, Enterprise Managed Auth enables IT teams to centrally authorize and govern how Claude connects to enterprise applications.

因此我們與產業領導者合作，包括 Anthropic；該公司在本季指定 Okta 為首家身分提供者，支援 MCP 連接器的 Enterprise Managed Auth。Enterprise Managed Auth 現已全面可用，使 IT 團隊能集中授權並治理 Claude 如何連接企業應用程式。

We also recently expanded our work with AWS, Cisco, OpenAI, Databricks and Snowflake, alongside more than 25 new Cross-App Access integrations, providing a standardized way to govern how AI agents connect to a growing ecosystem of enterprise applications and resources.

我們近期也擴大了與 AWS、Cisco、OpenAI、Databricks 與 Snowflake 的合作，並新增超過 25 項 Cross-App Access 整合，提供一套標準化方式來治理 AI 代理如何連接到日益擴大的企業應用與資源生態系。

In just a few weeks, we'll talk more about AI security and product innovation at Oktane, our annual customer conference. We'll bring the market's leading minds together to lay out the industry blueprint, open standards and new innovations required for building the Secure Agentic Enterprise. In addition to the keynotes and product demos, we will host a Q&A for analysts and investors. Come join us in Las Vegas or join us online for the AI security event of the year.

再過幾週，我們將在年度客戶大會 Oktane 上，進一步分享 AI 安全與產品創新。我們將匯聚市場上最頂尖的專家，共同提出打造 Secure Agentic Enterprise 所需的產業藍圖、開放標準與新創新。除主題演講與產品展示外，我們也將為分析師與投資人舉辦問答環節。歡迎在拉斯維加斯與我們相聚，或線上參與這場年度 AI 安全盛會。

To wrap things up, we're pleased with the strength and durability of our core workforce and customer identity businesses, and we're enthusiastic about the early success we're having with our AI products as customers recognize our advantage as the leading neutral modern identity platform.

總結來說，我們對核心的員工身分與客戶身分業務的強勁與韌性深感滿意；同時，隨著客戶認可我們作為領先的中立現代身分平台所具備的優勢，我們也對 AI 產品的早期成功感到振奮。

It was a strong start to the first half of FY27, and we look to build on our momentum as we move through this year and beyond. I want to thank the entire Okta team and our loyal customers and partners who put their trust in us every day.

FY27 上半年開局強勁，我們期望在今年及未來持續累積動能。我要感謝整個 Okta 團隊，以及每天信任我們的忠實客戶與合作夥伴。

And now here's Brett to cover the financial commentary.

接下來請 Brett 進行財務評論。

Thanks, Todd, and thank you, everyone, for joining us today. Our strong Q2 financials build on the momentum we've generated over the past several quarters. We continue to focus on operational efficiencies throughout the organization while driving top line growth by investing in product innovation, go-to-market and our partner ecosystem.

謝謝你，Todd，也謝謝各位今天加入我們。我們強勁的 Q2 財務表現，延續了過去幾季所累積的動能。我們持續聚焦於全組織的營運效率，同時透過投資產品創新、上市推廣（go-to-market）以及合作夥伴生態系來推動營收成長。

As a result, we experienced acceleration in many of our top line metrics while also maintaining very healthy profit and free cash flow margins. I'll provide insights into our Q2 performance and then move into our outlook for Q3 and FY27.

因此，我們在多項營收端指標上出現加速成長，同時也維持非常健康的獲利與自由現金流利潤率。我將分享我們 Q2 的表現洞見，接著說明我們對 Q3 與 FY27 的展望。

Q2 was a record bookings quarter for a non-Q4, driven by strong pipeline conversion and deal expansions. We continue to see productivity gains within our go-to-market organization, aided by our stable sales force that has low attrition and high AE tenure rates.

Q2 是非 Q4 季度中的訂單（bookings）創紀錄季度，主要由強勁的銷售管線轉換與交易擴張所帶動。我們持續看到 go-to-market 組織的生產力提升，這得益於我們穩定的銷售團隊，其離職率低且 AE 任職年資高。

Strength with large enterprise customers was punctuated by over 20% growth in $1 million-plus ACV customers. We now have over 600 customers with greater than $1 million in ACV. Additional areas of strength included our upsell and cross-sell motion and pipeline build.

大型企業客戶的強勁表現，體現在年合約價值（ACV）達 100 萬美元以上客戶數成長超過 20%。目前我們擁有超過 600 家 ACV 超過 100 萬美元的客戶。其他強項還包括加購（upsell）與交叉銷售（cross-sell）動能，以及銷售管線的建立。

The investments we've been making into our partner ecosystem are resulting in positive outcomes for the business. When our partners are involved, our average deal size is bigger and the close rates improve. Channel partners were engaged in all of our top 20 deals in Q2, and our biggest deal of the quarter was partner sourced.

我們對合作夥伴生態系的投資，正為業務帶來正向成果。當合作夥伴參與時，我們的平均交易規模更大，成交率也有所提升。Q2 我們前 20 大交易皆有通路合作夥伴參與，而本季最大的一筆交易則由合作夥伴引薦而來。

At the beginning of this fiscal year, we made the decision to shift more of our professional services business to our GSI partners. This change is reflected in the decrease in Q2 professional services revenue to approximately 1% of total revenue. We believe this change will lead to greater long-term benefits to fuel top line growth by deepening the relationship with these important partners and increasing our business with large enterprises.

在本會計年度開始時，我們決定將更多專業服務業務轉移給我們的 GSI 合作夥伴。此變動反映在 Q2 專業服務營收下降至約占總營收的 1%。我們相信，這項變更將帶來更長期的效益：透過深化與這些重要合作夥伴的關係，並增加我們在大型企業的業務，以推動營收成長。

Moving on to our balance sheet and capital allocation. We had another strong quarter of cash flow in Q2. While Q2 is typically our seasonal low for cash flow, it was much better than expected based on strong operating profitability and collections.

接著談資產負債表與資本配置。我們在 Q2 再次繳出強勁的現金流表現。雖然 Q2 通常是我們現金流的季節性低點，但在強勁的營運獲利能力與收款帶動下，表現遠優於預期。

We ended the quarter with a healthy balance sheet consisting of approximately $2.3 billion in cash, cash equivalents and short-term investments. In June, our convertible notes reached maturity, and we settled the remaining principal amount of $350 million in cash. Okta no longer has any convertible debt on the balance sheet.

本季末我們的資產負債表維持健康，現金、約當現金與短期投資合計約 23 億美元。6 月，我們的可轉換公司債到期，我們以現金結清剩餘 3.5 億美元的本金。Okta 的資產負債表上已不再有任何可轉換債務。

Over the course of Q2, we repurchased and retired approximately 1.5 million shares for a total cost of $125 million. $555 million remains under the $1 billion repurchase program. We continue to regularly evaluate Okta's capital allocation priorities to ensure we're well positioned to deliver sustainable long-term value to our shareholders.

在 Q2 期間，我們回購並註銷約 150 萬股，總成本為 1.25 億美元。在 10 億美元的回購計畫下，尚餘 5.55 億美元額度。

Now let's turn to our business outlook. We continue to take a prudent approach to forward guidance. For the third quarter of FY27, we expect total revenue growth of 10%, current RPO growth of 11% to 12%, non-GAAP operating margin of 24% to 25% and free cash flow margin of 21% to 23%.

現在我們來看業務展望。我們持續以審慎的方式提供前瞻指引。對 FY27 第三季，我們預期總營收成長 10%，當期 RPO 成長 11% 至 12%，非 GAAP 營業利益率 24% 至 25%，以及自由現金流利潤率 21% 至 23%。

For the full year FY27, we now expect total revenue growth of 10% to 11%, non-GAAP operating margin of 26% and a free cash flow margin of 28% to 29%. As a reminder, the FY27 revenue guidance includes about a 1-point impact related to a strategic decision to shift more of our professional services business to our GSI partners.

對 FY27 全年，我們目前預期總營收成長 10% 至 11%，非 GAAP 營業利益率為 26%，自由現金流利潤率為 28% 至 29%。提醒一下，FY27 的營收指引包含約 1 個百分點的影響，與我們策略性決定將更多專業服務業務轉移給 GSI 合作夥伴有關。

In addition, the FY27 free cash flow margin guidance includes about a 1 point impact related to lower interest income due to the stock repurchase program and our cash settlement of the remainder of the 2026 notes.

此外，FY27 自由現金流利潤率指引包含約 1 個百分點的影響，主要來自股票回購計畫以及我們以現金結清 2026 年票據剩餘部分，導致利息收入下降。

To wrap things up, we're pleased with the first half of FY27 and are optimistic about the trend we're seeing in the business. We're investing for growth while remaining disciplined with our cost structure. Our strong core business and growing portfolio of new products provides the foundation to extend Okta's leadership in identity security. We're well positioned to deliver profitable growth for years to come.

總結來說，我們對 FY27 上半年的表現感到滿意，並對目前在業務中看到的趨勢保持樂觀。我們在投資成長的同時，也持續嚴守成本結構紀律。我們強勁的核心業務與持續擴大的新產品組合，為延伸 Okta 在身分安全領域的領導地位奠定基礎。我們已做好充分準備，在未來多年實現具獲利性的成長。

With that, I'll turn it back to Dave for Q&A. Dave?

接下來，我把時間交還給 Dave 進行問答。Dave？

Thanks, Brett. There's quite a few hands raised already, and I'll take them in order until the top of the hour. And in the interest of time, please limit yourself to one question. With that, we'll go to Eric Heath at KeyBanc.

謝謝，Brett。目前已經有不少人舉手了，我會依序提問直到整點。為了節省時間，請各位只問一個問題。那麼，我們先請 KeyBanc 的 Eric Heath。

Thanks, Dave, and congrats on the strong results, Todd and Brett. Maybe sticking with the theme for Okta for AI agents. Todd, I was curious to hear just how material the Anthropic partnership you're having is contributing to the go-to-market and kind of the product maturity that you're delivering?

謝謝你，Dave，也恭喜 Todd 和 Brett 繳出強勁的成果。我想延續 Okta for AI agents 的主題。Todd，我很好奇你們與 Anthropic 的合作夥伴關係，對你們的 go-to-market，以及你們所交付的產品成熟度，究竟有多大程度的實質貢獻？

And secondarily, maybe for you, Todd or Brett, but just the uplift you're seeing on these deals for Okta for AI agents and maybe just some sort of perspective on what the ratio is looking like in terms of the agents to humans thus far. Thanks.

其次，可能請 Todd 或 Brett 回答：你們在 Okta for AI agents 這些案子上看到的提升幅度如何？以及到目前為止，從 agents 對 humans 的比例來看，大概呈現什麼樣的狀況？謝謝。

Yeah. We're really excited about the quarter. It was an amazing quarter on a lot of fronts. Specifically, one of the highlights is that our place in the ecosystem. Our place in the ecosystem is super important and super strategic.

是的。我們對這一季的表現非常興奮。這一季在很多面向都非常出色。特別是其中一個亮點，是我們在生態系中的定位。我們在生態系中的位置非常重要，也非常具策略性。

And it's not just me saying that, I think it's in all these customer conversations. I'm having many, many customer conversations and flying around, meeting these customers that are trying to solve these security challenges in general, and particularly around AI agents. And they see us as like the natural -- naturally well positioned to secure this agentic future. And so we're going after that on all fronts. Okta for AI agents is the main product front there.

而且不只是我這麼說，我想在所有這些客戶對話中都能感受到。我正在進行非常非常多的客戶對話，也到處飛、拜訪這些客戶；他們正試圖解決整體的資安挑戰，尤其是圍繞 AI agents 的挑戰。他們認為我們是很自然——在這個 agentic 未來中，具備天然優勢、能夠提供防護的角色。因此我們在各個面向都全力推進。Okta for AI agents 是其中主要的產品面向。

But it's also -- in short term, we can solve these problems in a lot of different ways. We can help them roll out agents today. We can give them visibility. I think longer term is something we're working on as well. I think longer term, the entire industry needs to work more -- they need to work better together.

但同時——短期內，我們也能用很多不同方式來解決這些問題。我們可以協助他們今天就部署 agents。我們可以提供可視性。我認為更長期的部分也是我們正在努力的方向。我覺得從長期來看，整個產業需要更——需要更好地協同合作。

The industry right now in security, everyone is coming at the customer saying they have the only answer. They can secure agents. They're going to be the one to do it. And the reality is it's going to take us all working together. And so Okta has been working on this.

目前資安產業裡，每家公司都在對客戶說自己有唯一的答案。他們可以保護 agents。他們會是那個做到的人。但現實是，這需要我們所有人一起合作。因此 Okta 一直在推動這件事。

You know on these calls, the last five or six calls, we've talked about standards and ecosystem. And we made a huge step forward in terms of one of the main standards we've been working on, which is the standard we've talked about called Cross-App Access.

你知道，在這些電話會議上，過去五、六次我們都談到標準與生態系。而我們在其中一個主要標準上邁出了巨大的一步；這就是我們一直提到、名為 Cross-App Access 的標準。

And so the huge step forward this time is when the biggest AI agent in the world, Claude is supporting Cross-App Access. They released Enterprise Managed Auth, which is the first time an AI agent has been compatible with this protocol. And Okta is the first identity provider to support this protocol.

這次的重大進展是：全球最大的 AI agent——Claude——正在支援 Cross-App Access。他們發布了 Enterprise Managed Auth，這是第一次有 AI agent 與這個協定相容。而 Okta 是第一個支援此協定的身分識別供應商。

Now it's an open protocol. So we hope every identity technology company supports it, and we hope every other AI agent supports it. And then also everyone in the resource side of the equation is starting to support it as well. We announced 26 top SaaS vendors are supporting from a resource perspective, this protocol. So this is one example of many things we're going to be doing in the ecosystem to make this whole world fit together better because that's what customers need.

現在這是一個開放協定。因此我們希望每一家身分技術公司都能支援它，也希望其他所有 AI agent 都能支援它。同時，在等式的資源端，各方也開始支援它。我們宣布有 26 家頂尖 SaaS 供應商，從資源端的角度支援這個協定。這只是我們將在生態系中推動的眾多事項之一，目的是讓整個世界更好地整合在一起，因為這正是客戶所需要的。

We need to stop everyone confusing the customer by saying one company is going to do it all and start defining how we can all work together to bring concrete solutions to these customers. In terms of like where the products stack up in the quarter, we had, as I mentioned, the quarter was strong across almost every dimension, particularly strong was the 30% of the new bookings were from new products.

我們需要停止讓每家公司都用「一家就能包辦一切」的說法來混淆客戶，並開始界定我們如何協同合作，為這些客戶帶來具體的解決方案。就本季產品表現而言，如我提到的，這一季幾乎在各個面向都很強勁；其中尤其突出的是，新訂單中有 30% 來自新產品。

Okta for AI agents inside of that bucket, there were dozens of deals in the quarter, including several million dollar-plus deals, which is super exciting. But the reality is it's still very early. We do thousands of transactions every quarter. And as exciting as that is, Okta for AI agents, it's still -- it's too small to show up in the numbers right now. But going forward, especially over the next couple of years, we're super optimistic.

在那個範疇裡，Okta for AI agents 本季有數十筆交易，其中包含幾筆超過 100 萬美元的交易，這非常令人振奮。但現實是，現在仍非常早期。我們每一季有數千筆交易。即便這很令人興奮，Okta for AI agents 目前仍然——規模還太小，暫時不會在數字上顯現出來。但往後看，特別是在未來幾年，我們非常樂觀。

We think this being the system of record for Agentic for agents in the enterprise and being the system of record for agent identity, in the fullness of time, it could be the biggest category of cyber. That's how bullish we are on it. It's going to take us some time to get there, but I think we're off to a good start.

我們認為，成為企業中 agentic（代理式）agents 的系統紀錄（system of record），以及成為 agent 身分的系統紀錄，隨著時間推進，最終可能會成為資安領域最大的類別。我們對此就是這麼看多。要走到那一步還需要一些時間，但我認為我們已經有了不錯的開始。

Yeah. I would just add, Eric, like Todd said, we did close to $1 million deals in the quarter, and we've got dozens of customers. But what I said last time around, the average deal size for AI deals being bigger than the average deal size for the rest of Okta, that still remains the case. But like Todd said, it is very early on. We are still very -- it's a very nascent opportunity for us. And so looking forward to continuing to execute against that opportunity going forward.

是的。Eric，我補充一下：如 Todd 所說，我們本季確實成交了接近 100 萬美元的案子，而且已有數十家客戶。但我上次也提到，AI 相關交易的平均交易規模高於 Okta 其他業務的平均交易規模，這點仍然成立。不過如 Todd 所說，現在仍非常早期。對我們而言，這仍然——是一個非常萌芽的機會。因此我們期待未來持續在這個機會上執行到位。

We'll take the next question from Jefferies.

我們接著請 Jefferies 的下一個問題。

This is Grant Darling on for Jo Gallo. Results were super impressive, and it was great to see those early AI security wins. I wanted to touch a little bit more on just competitive dynamics. Could you help us understand that scene right now? Maybe what are bake-offs looking like? Is competition more the Wild West? Are you seeing more existing customers going to you without bake-offs? Just anything on competitive dynamics would be helpful. Thanks.

我是代替 Jo Gallo 的 Grant Darling。這次的成果非常亮眼，也很高興看到早期 AI 資安方面的勝利。我想再多談一點競爭動態。你們能否幫我們理解目前的競爭情勢？例如，所謂的 bake-offs 現在看起來是什麼樣子？競爭是否更像「西部拓荒」那樣混亂？你們是否看到更多既有客戶在沒有 bake-offs 的情況下直接找上你們？任何關於競爭動態的分享都會很有幫助。謝謝。

Two interesting trends there. First is that the biggest competitor is confusion. We're competing against confusion. So our solution has to be clarity. And customers are confused because there's so much excitement and so much opportunity in AI.

這裡有兩個有趣的趨勢。第一個是，最大的競爭對手其實是混亂。我們是在跟混亂競爭。所以我們的解決方案必須帶來清晰。而客戶之所以困惑，是因為 AI 帶來了太多的興奮與太多的機會。

It's the natural tendency of every vendor to say, what we are doing is and what we've done in the past is critical to AI. We have the answer. We have the one answer. And I think that confuses the customer because they have 17 vendor meetings and every vendor tells them they have the right answer.

每一家供應商的自然傾向都是說：我們正在做的事，以及我們過去做的事，對 AI 都至關重要。我們有答案。我們有唯一的答案。我認為這會讓客戶更困惑，因為他們開了 17 場供應商會議，而每一家都告訴他們自己才是正確答案。

So one of the things we're very focused on is getting close to the customers and learning from them and pouring that quickly back into our product road map. And that process not only enables us to build a better product, a product that will deliver value to the customer and cut through the hype. It also that those experts on the ground help clarify in the customer's mind what needs to be done.

因此我們非常專注的一件事，是貼近客戶、向他們學習，並快速把這些回饋灌回我們的產品路線圖。這個流程不僅讓我們能打造更好的產品——能為客戶交付價值、穿透炒作——同時，這些在第一線的專家也能協助在客戶心中釐清到底需要做什麼。

And the simple fact is that it's a big trend. AI security is going to take a lot of different vendors working together. And we don't have all the answers. But what we do know is that there are some no regrets investments. We know that every customer is going to have to figure out where their agents are. They're coming from all over the place. They're going to have to figure out what they can connect to, and they're going to have to figure out what they can do.

而簡單的事實是，這是一個大趨勢。AI 安全將需要許多不同的供應商共同合作。而我們並沒有所有答案。但我們確實知道，有一些「不會後悔」的投資。我們知道每一位客戶都必須釐清他們的代理（agents）在哪裡。它們來自四面八方。他們必須弄清楚這些代理可以連到什麼，以及它們能做什麼。

And no matter what happens at the model layer or the platform layer or the app layer or if applications build their own agents or they get disrupted with agents, what the companies build themselves, what -- that's all going to unfold what model is the best? Is it an open source model? Is it a frontier model, some comb -- that's all going to unfold as it will over the next several years. But the no regrets decision is you have to have this foundation of where are my agents, what can they connect to and what can they do? And this no-regret decision is what's leading to this momentum.

而無論模型層、平台層或應用層發生什麼，或是應用程式自行建立代理、或被代理所顛覆，企業自己打造什麼——這一切都會逐步展開：哪一種模型最好？是開源模型嗎？是前沿模型嗎？某種組合——這些都會在未來幾年逐步明朗。但「不會後悔」的決策是：你必須先有這個基礎——我的代理在哪裡、它們能連到什麼、以及它們能做什麼？而這個「不會後悔」的決策正是推動這股動能的原因。

It's leading to these dozens of deals, these million-dollar deals. And they look at us as they say, hey, most of the use cases for agents now, they're working on behalf of a user. They're automating workflows, helping users. And so it's a very natural place for the identity provider across the enterprise to step in there and answer these questions.

它正在帶動數十筆交易、這些百萬美元等級的交易。他們看著我們說，嘿，目前多數代理的使用案例，都是代表使用者在運作。它們在自動化工作流程、協助使用者。因此，讓企業內的身分識別供應商介入並回答這些問題，是非常自然的切入點。

One thing I would add to that is in addition to the Agentic competition and the confusion, and Todd really well articulated the conversations we're having with customers right now on that front. In addition to that, the overall core business also had a very strong quarter in every category. And as we talked about our workforce strength and customer identity strength. And the competitive dynamics there, our differentiators remain the same as they've been.

我想補充的一點是，除了 Agentic 的競爭與混亂之外，Todd 也非常清楚地闡述了我們目前在這方面與客戶的對話。除此之外，整體核心業務在各個類別也都有非常強勁的一季。正如我們談到的，我們在員工身分（workforce）與客戶身分（customer identity）方面的優勢。以及那裡的競爭態勢，我們的差異化優勢仍然與以往一致。

We have broad distribution with over 20,000 companies that already trust Okta to secure identity for their humans, to secure identity for their service accounts and having an adjacent conversation about how we are now also going to be able to secure identity for their agents as they're deployed is a natural extension for us, and it's how we can bring clarity to that overall conversation. So that distribution helps.

我們擁有廣泛的分銷覆蓋，已有超過 20,000 家公司信任 Okta 來保護其人員的身分、保護其服務帳戶的身分；而當他們部署代理時，延伸到「我們也能保護其代理的身分」這個相鄰議題，對我們而言是很自然的延伸，也正是我們能為整體對話帶來清晰度的方式。因此，這樣的分銷覆蓋確實有幫助。

Our neutrality has always been a key differentiator for us as well. You hear us talk here about how we have over 8,000 integrations. Todd talked earlier about the expansive partnerships we have in the AI space and with the frontier models and technology providers, the platform providers and the hyperscalers.

我們的中立性一直也是我們的關鍵差異化優勢。你會聽到我們在這裡談到，我們有超過 8,000 個整合。Todd 先前也談到我們在 AI 領域、與前沿模型與技術供應商、平台供應商以及超大規模雲端服務商（hyperscalers）之間所建立的廣泛合作夥伴關係。

Our customers know that their stack is going to evolve, and they know that they're going to need to work with all of these technologies because they're advancing so rapidly. And Okta is the neutral provider that allows them to work with all of that. And so the standards that Todd mentioned, the distribution we have, the neutrality that we have, all positions us very well to be able to win this next opportunity.

我們的客戶知道他們的技術堆疊會演進，也知道他們將需要與所有這些技術合作，因為它們進步得非常快。而 Okta 作為中立的供應商，讓他們能與所有這些技術協作。因此，Todd 提到的標準、我們的分銷覆蓋、以及我們的中立性，都讓我們具備非常好的定位，去贏得下一個機會。

Thanks, Eric. Next up, we'll go to John DiFucci at Guggenheim.

謝謝你，Eric。接下來我們請 Guggenheim 的 John DiFucci。

Thanks, Dave. Todd and Brett and Eric, listen, subscription revenue growth has really stabilized over the last four quarters. And our calculations of new ACV, which is going to drive future revenue growth looks really strong for this quarter against the toughest comp of the year. I guess at the same time, you've talked a lot about AI and securing AI agents. And per our work, that message is really resonating well with customers and partners in the field. But you also say it's really early.

謝謝，Dave。Todd、Brett 和 Eric，聽我說，訂閱營收成長在過去四個季度確實已經穩定下來。而我們對新增 ACV 的計算——它將驅動未來的營收成長——在本季相對於全年最艱難的比較基期，看起來非常強勁。我想同時，你們談了很多 AI 以及保護 AI 代理。依我們的研究，這個訊息在前線與客戶及合作夥伴之間確實引起很好的共鳴。但你們也說現在還很早。

And by the way, we hear that in the field, too. I guess I'm just curious, I think we're all curious, based on your expertise and experience, when do you think this is going to turn into meaningful revenue? I know you said you had some deals that -- and it sounds like it's starting. But do you think we're going to have to wait until something really unfortunate happens in the world? Or will corporate customers get ahead of this before something like that happens?

順帶一提，我們在前線也聽到同樣的說法。我想我只是好奇——我想我們都很好奇——以你們的專業與經驗來看，你們認為這何時會轉化為有意義的營收？我知道你們說已經有一些交易——聽起來也開始了。但你們覺得我們是否得等到世界上發生某些非常不幸的事件？還是企業客戶會在那種事情發生之前就先超前部署？

John, the quarter was really, really a successful quarter. The bookings in the quarter, you mentioned ACV. The bookings in the quarter were a record all-time for Q2. They're also, by the way, a record all-time for Q1 and Q3. So all-time record outside of Q4. And even if we had a competition for Q4, it would almost be on the podium, not quite, but close to be on the podium for Q4. So yes, we're very excited about the momentum.

John，這一季真的、真的非常成功。本季的訂單（bookings），你提到 ACV。本季的訂單創下 Q2 的歷史新高。順帶一提，也創下 Q1 與 Q3 的歷史新高。所以除了 Q4 之外，都是歷史新高。即便拿來跟 Q4 比，它幾乎也能站上頒獎台——還差一點，但很接近能在 Q4 的比較中名列前茅。所以是的，我們對這股動能非常興奮。

And like you said, the materiality of the AI contribution, the business is $3 billion roughly in revenue, and you saw the cRPO growth. It's a big number. And so we're optimistic about it moving the needle on that. And we think we're on the right path. And one interesting thing is that I'm not -- the conversations I have, it's kind of like a -- it's almost like an infrastructure foundational conversation.

而如你所說，AI 貢獻的「重要性／規模」，我們的業務營收大約是 30 億美元，你也看到 cRPO 的成長。這是一個很大的數字。因此，我們對它能在這個基礎上帶來實質增量（move the needle）感到樂觀。我們也認為我們走在正確的道路上。而有趣的一點是，我所進行的對話——我不會說——它有點像是一種基礎設施、打地基式的對話。

It's not necessarily like, oh, a breach happened and now we're reacting. So I think that's good for what you said because I don't want a big breach to like knock this all down, the industry. I want customers to proactively put these no regrets investments in place and then have the right foundation to be successful.

它不一定是那種「喔，發生資安事件了，我們現在才來反應」的情境。所以我覺得這對你剛才說的點是好事，因為我不希望發生一次重大外洩事件把整個產業都打垮。我希望客戶能主動把這些「不會後悔」的投資先到位，然後具備正確的基礎，才能成功。

So I'm optimistic that kind of we're on the right track there in terms of like clarifying the message for customers, having the right product in the market. And by the way, one of the things that's true and helping cut through the confusion is that we have a GA product. It's been generally available for a couple of months now. That's pretty rare actually.

所以我對我們在那方面走在正確軌道上感到樂觀——例如為客戶釐清訊息、在市場上提供正確的產品。順帶一提，有一件事確實為我們穿透混亂提供了幫助：我們有一個 GA 產品。它已經正式全面上市（generally available）好幾個月了。這其實相當罕見。

If you go around and ask all the vendors, is your product generally available? You get no a lot of the times or it's an acquisition that's kind of still running as an acquisition. So we have a generally available product. We've shipped 24 significant enhancements to that product in the last two months. We're moving fast. We're innovating. We're listening to customers. And we're trying as hard as we can to make sure we turn this into solid top line acceleration across the board as soon as possible.

如果你去問各家供應商，你們的產品是否已正式全面上市（generally available）？很多時候你會得到「沒有」，或者那其實是一次併購案，仍以併購後的形式在運作。所以我們有一個已正式全面上市的產品。在過去兩個月，我們已為該產品推出 24 項重大強化。我們動作很快。我們在創新。我們在聆聽客戶。我們也正盡最大努力，確保能盡快把這件事轉化為全線的穩健營收加速成長。

So I guess maybe just real quick, Dave, on the same topic, Todd, like what percentage of your customers are you having these conversations with, with AI security? Is it just about all of them? Is it half of them? And because that -- just trying to understand timing a little bit.

所以我想也許很快問一下，Dave，同樣的主題，Todd，你大概有多少比例的客戶會跟你們談到 AI 安全這件事？是幾乎全部嗎？還是一半？因為那個——我只是想稍微理解一下時程。

We have -- one of the things we've put the organization in place to -- like I mentioned, we have a dedicated expert team in the field helping customers have these conversations. And as many smart, motivated people as we put in that team to have these conversations, we fill up their calendar. And they're working 6 days a week, 12 hours a day, and we keep adding people and keep filling up the conversations. And that's leading to this record pipeline we have. Last year, we talked about -- or last quarter, we talked about record pipe.

我們已經——我們為了——就像我提到的，我們在前線配置了一支專門的專家團隊，協助客戶進行這些對話。而且不管我們在這個團隊裡放進多少聰明、有動力的人來進行這些對話，他們的行事曆都會被排滿。他們每週工作 6 天、每天 12 小時，我們不斷增加人手，對話量也持續被填滿。這也帶動了我們目前這個創紀錄的銷售管線。去年我們談到——或是上個季度，我們談到創紀錄的管線。

The pipe is even bigger. And there's more pipeline. Now the question is how fast it will convert, right? And we don't have four years of history on conversion. So when we think about the future, there's obviously some degree of being prudent about how fast that's going to convert, but the pipeline is there. Now it's up to us to take this generally available product and convert it as fast as possible.

現在這個管線更大了。而且還有更多的管線。接下來的問題是它會以多快的速度轉換，對吧？而我們沒有四年的轉換歷史可供參考。所以當我們思考未來時，顯然需要在轉換速度上保持一定程度的審慎，但管線確實在那裡。現在就看我們如何把這個已正式全面上市（GA）的產品，盡可能快地轉換成訂單。

Yeah. And John, this product went GA on April 30, right? So 90 days ago, so it's relatively new. But to your question around how many customers, a stat that might be valuable for you, and we published this, I think, with our posted commentary today, recent surveys we run across our customers, 81% of the CISOs that we talk to are aware right now that they are exposed with agents deployed in their enterprises where they do not yet have an adequate security platform in place. So a very high percentage of our customers know that they have the need.

是的。John，這個產品是在 4 月 30 日 GA 的，對吧？也就是 90 天前，所以相對還很新。但針對你問到有多少客戶這件事，有個數據可能對你有幫助，我們也已經公布了——我想是在今天發布的補充說明裡——我們最近對客戶做的調查顯示，我們接觸到的 CISO 中有 81% 目前已經意識到，他們的企業內部已部署了代理（agents），但尚未建立足夠的安全平台，因此正暴露在風險之下。所以我們的客戶中，有非常高的比例知道自己有這個需求。

And as Todd mentioned, our teams are working aggressively to schedule as many customer conversations as we can to make it really clear how we can help. So this has been -- we're very pleased with what we've seen in Q2.

而如 Todd 所提到的，我們的團隊正積極安排盡可能多的客戶對話，讓客戶非常清楚我們能如何提供協助。所以這一直是——我們對於在 Q2 看到的情況感到非常滿意。

Great. Nice job, guys.

很好。各位做得很棒。

Thanks. Next up, we'll go to Matt Hedberg at RBC.

謝謝。接下來我們請 RBC 的 Matt Hedberg。

Thanks, Dave. Congrats from me as well. I think one of the most encouraging elements here is the 200 basis points of cRPO acceleration, and it doesn't feel like it's even being driven by AI, yet I think we all see the pipeline.

謝謝你，Dave。我也要恭喜你們。我認為這裡最令人鼓舞的因素之一，是 cRPO 加速了 200 個基點，而且感覺甚至還不是由 AI 驅動，但我想我們都看得到那個管線。

So I guess, are you seeing -- could you sort of force rank the most important elements for that cRPO acceleration? And I guess as a follow-up to that, are you seeing deal cycles accelerate? Todd, you just mentioned the pipe is as big as ever. With AI-driven concerns, even if it's not AI-specific products, are you seeing faster deal cycles in this environment?

所以我想問，你們是否看到——你們能否把推動 cRPO 加速的最重要因素做個排序？另外作為追問，你們是否看到成交週期在加速？Todd，你剛提到管線一如既往地大。在 AI 驅動的疑慮之下，即便不是 AI 專屬產品，你們在這個環境中是否看到更快的成交週期？

I would rank them as follows. The first number one thing is large enterprise. You see the 22% growth in $1 million-plus customers. So large enterprise, it has been for several quarters is a very important part of this -- the performance of the business.

我會這樣排序。第一、最重要的是大型企業。你可以看到年經常性收入（或客戶數）在 100 萬美元以上的客戶成長了 22%。所以大型企業——而且這在過去幾個季度一直都是——是這個業務表現非常重要的一部分。

The second thing I would say is that we're the only identity vendor with this broad range of products. You see the 30% of bookings and new product introductions. That's a little bit of AI, governance, privilege, identity threat protection. We have this broad platform of products, and you're seeing that really shine. So this message of you can get -- you can be -- you can buy from a one-stop shop for identity.

第二點我會說，我們是唯一一家擁有如此廣泛產品範圍的身分（identity）供應商。你看到新產品導入占了 30% 的訂單。這裡面包含一點 AI、治理、特權、身分威脅防護。我們有這樣一個廣泛的平台型產品組合，而你正看到它真正發光發熱。所以這個訊息——你可以——你可以從一家一站式的身分供應商採購。

I was having a conversation with a large Fortune 25 customer yesterday, and they have 200 identity vendors, 200. They're already paying a significant amount of money for the part of their identity we're doing. But that -- I mean, 200, they could replace -- they could save tens of millions of dollars by standardizing on us across the Board. And we're the only identity vendor that can do that. Everyone else has a silo, whether it's just access management or it's really tied to their own stack or it's very privileged or governance. We're the only one that has that breadth of products. So that's very important.

我昨天和一家大型《財富》前 25 名的客戶聊，他們有 200 家身分供應商，200 家。他們在我們所做的那部分身分領域，已經付了相當可觀的費用。但那——我的意思是，200 家，他們如果在全公司範圍內標準化採用我們，可以省下數千萬美元。而我們是唯一能做到這點的身分供應商。其他人都有各自的孤島，不是只有存取管理，就是高度綁定在自家技術堆疊上，或是只做特權、或只做治理。我們是唯一擁有那樣產品廣度的。所以這非常重要。

And then the third thing, which is really exciting is that these conversations about AI and our ability to help clarify how they can secure AI and how this ecosystem can fit together to help them secure, it's catalyzing change conversations that are resulting in deals for other products.

第三點——也非常令人興奮——是圍繞 AI 的這些對話，以及我們能協助釐清他們如何保護 AI、以及這個生態系如何彼此配合來協助他們做好防護，正在催化一些「變革型」的對話，並帶來其他產品的成交。

So you might go in and have an AI conversation and they're like, you know what, we've been talking about upgrading our governance legacy product for 6 years. We just have to do that. Oh and by the way, we should probably think about customer identity. And so you're starting to see that happen.

所以你可能進去先談 AI，然後他們會說，你知道嗎，我們已經談了 6 年要升級我們的治理舊系統產品。我們就是得做。喔，順帶一提，我們可能也該思考客戶身分（customer identity）。所以你開始看到這種情況發生。

So that's not an AI deal per se, but it's kind of like a large enterprise. It has a bunch of vendors that wants to take out, and it's coming to the company that seems smart about AI and has a GA product and has real success there. And by the way, it has a large platform. It's a powerful combination.

所以那本身不一定是一筆 AI 的交易，但有點像是：一家大型企業有一堆供應商想要汰換，然後它會選擇一家看起來對 AI 很有想法、又有 GA 產品、而且在那裡有真實成功案例的公司。而且順帶一提，它還有一個大型平台。這是一個很強的組合。這是非常有力的組合。

Next up, we'll go to Josh Tilton at Wolfe Research.

接下來我們請 Wolfe Research 的 Josh Tilton。

Thank you, Dave. Hedberg sort of stole my question, so I'm just going to maybe ask it, but a little bit more directly. Are you seeing strength in the core business because it is accelerating the pace of legacy migrations? Said differently, are customers coming up to you and saying, like, I might not need the AI security product today, but I definitely need to replace my core product because I know the legacy product I have is definitely not going to support my AI strategy whenever I get there.

謝謝你，Dave。Hedberg 有點把我的問題先問走了，所以我可能還是問，但更直接一點。你們是否看到核心業務的強勁，是因為它正在加速舊系統遷移的步伐？換句話說，客戶是否會來找你們說：我今天可能還不需要 AI 安全產品，但我一定得先替換我的核心產品，因為我知道我現在用的舊產品，等我真的要推動 AI 策略時，肯定無法支援。

And then maybe the second part to that question is just 15% short-term bookings growth year-to-date. It sounds like most of that is not from AI. Like how do we think about the durability of that growth profile when AI really starts to layer into the model?

然後也許第二部分的問題是：今年迄今短期訂單成長 15%。聽起來其中大部分不是來自 AI。那當 AI 真的開始疊加進這個模型時，我們該如何看待這種成長輪廓的持久性？

Thank you. For the first part of your question, we absolutely believe that the exposure our customers are feeling to agents proliferating in their organizations and not yet being able to secure them is starting a lot of conversations. And those conversations, as Todd just mentioned, can expand into other areas of the portfolio.

謝謝。針對你問題的第一部分，我們絕對相信，客戶感受到的風險暴露——也就是代理（agents）在其組織內快速擴散，但他們尚未能夠把它們保護起來——正在引發大量對話。而這些對話，如 Todd 剛才提到的，可能會延伸到產品組合的其他領域。

So your question around legacy migrations are people looking to the future and ensuring they have the Identity Security Fabric, the platform that can solve all those use cases, that's absolutely part of the conversations that we're seeing evolve with customers.

所以你關於舊系統遷移的問題，是在於人們著眼未來，並確保他們擁有 Identity Security Fabric——一個能解決所有那些使用情境的平台；這絕對是我們看到與客戶對話正在演進的一部分。

In that sense, the agent conversation is bringing a more acute awareness to perhaps their lack of readiness and their need to find an identity -- a secure identity partner that they can have confidence is going to solve for their challenges, both today and in their road map in the future. So that's absolutely something that we think is contributing.

從這個角度來看，代理（agent）的討論讓他們更清楚地意識到，或許自己尚未準備就緒，以及需要找到一個身分——一個安全的身分合作夥伴，讓他們有信心能解決他們的挑戰，不論是今天的需求，或是未來路線圖上的需求。所以這絕對是我們認為正在促成這件事的因素。

But overall, as you look at the core business, and Todd and Brett mentioned this, we saw strength upmarket in the $1 million and $100,000 cohort-plus. We saw strength down market. We saw strength in public sector. Our largest deal of the quarter was a public sector deal. So we continue to have confidence in the durable strength of the core business, as we're also starting to convert the pipe we talked about in Q1 and continue to build in Q2 for these new AI products that have come out. And as mentioned, with multiple million dollar wins just in this first quarter of availability.

但整體而言，當你看核心業務時，Todd 和 Brett 也提到這點，我們在上移市場（upmarket）的 100 萬美元與 10 萬美元級距以上（cohort-plus）看到了強勁表現。我們在下移市場（down market）也看到了強勁表現。我們在公部門也看到了強勁表現。本季我們最大的一筆交易就是公部門交易。因此，當我們也開始把我們在 Q1 談到的管線（pipe）轉化、並在 Q2 持續建立這些新推出的 AI 產品管線之際，我們仍對核心業務的持久韌性充滿信心。而如前所述，僅在這第一個可用季度就拿下多筆百萬美元級別的勝利。

I'll give you a very specific example. I was -- a couple of weeks ago, I was in Pennsylvania, talking to a large customer of Okta, it's a retailer. And the conversation was about a big M&A they were doing. And the company they bought had a legacy identity provider. And the conversation I had was all about AI, AI agents, Okta for AI agents, how we answer these three questions.

我給你一個非常具體的例子。幾週前我在賓夕法尼亞州，和 Okta 的一位大型客戶——一家零售商——在交流。對話內容是他們正在進行一宗大型併購（M&A）。而他們收購的那家公司有一個傳統（legacy）的身分提供者。我當時的對話完全圍繞 AI、AI 代理、Okta for AI agents，以及我們如何回答這三個問題。

And that conversation and the POC and the sales cycle that's just starting there absolutely helped us win the consolidation business to consolidate the acquired company all on Okta because it wasn't on Okta. It had legacy identity.

而那場對話、POC，以及剛開始啟動的銷售週期，確實幫助我們贏得了整併（consolidation）業務：把被收購公司全面整併到 Okta 上，因為它原本不在 Okta 上。它使用的是傳統身分系統。

And of course, when you kind of bring a big company in like that, everyone wants to evaluate which vendor should we use? Is this better for this? And that AI conversation catalyzes the whole thing to be, hey, Okta knows where they're going.

當然，當你把那樣一家大公司納入之後，每個人都會想評估：我們應該用哪一家供應商？這個在某些方面是不是更好？而那個 AI 的對話就催化了整件事，變成「嘿，Okta 知道他們要往哪裡走」。

They are the leaders here. Let's just get rid of all that old stuff and standardize on Okta. So that's a very concrete example of this phenomenon you just outlined in the abstract, but it's for sure happening day-to-day.

他們是這裡的領導者。我們就把那些舊東西都淘汰掉，全面標準化採用 Okta。所以這就是你剛才抽象描述的現象的一個非常具體例子，而且它確實每天都在發生。

Next up, we'll go to Rudy Kessinger at D.A. Davidson.

接下來我們請 D.A. Davidson 的 Rudy Kessinger。

Great. Thanks, guys, and congrats on the strong results here, especially given it doesn't really sound like AI is really kicking in yet. Brett, questions for you. Your cRPO outperformance, this was the largest since fiscal Q4 of '25, which was obviously a really, really strong quarter. The outperformance in Q1 and Q2 were stronger than Q1 and Q2 last two years.

很好。謝謝各位，也恭喜這次的強勁成果，尤其考量到聽起來 AI 還沒有真正開始發力。Brett，我有幾個問題想問你。你們的 cRPO 超預期表現，是自 25 財年 Q4 以來最大的一次，而那顯然是一個非常、非常強的季度。今年 Q1 和 Q2 的超預期幅度也比過去兩年的 Q1 和 Q2 更強。

And so does your Q3 cRPO guidance, does it assume that any of this level of stronger execution and conversion rates, et cetera, that you've seen in Q1 and Q2, does that Q3 guide assume any of that continues? Or does it still have the same kind of prudent assumptions that your Q1 and Q2 cRPO guidance have?

所以你們對 Q3 的 cRPO 指引，是否假設你們在 Q1 和 Q2 看到的這種更強的執行力與轉換率等水準會延續？還是說，Q3 指引仍然維持與你們 Q1、Q2 cRPO 指引相同的那種審慎假設？

Yeah. I mean you hit the nail on the head, Rudy, Q1 and Q2 this year have been quite strong in Q2, like we talked about, record non-Q4 bookings -- record non-Q4 bookings quarter for us. It was really good. So when we think about the guidance going forward, we're applying the same guidance philosophy we have for several quarters now. We've talked about getting closer to the pin.

是的。我的意思是你說得很到位，Rudy，今年的 Q1 和 Q2 都相當強勁；Q2 如我們談到的，是創紀錄的非 Q4 訂單——對我們而言是創紀錄的非 Q4 訂單季度。表現真的很好。所以當我們思考未來的指引時，我們沿用過去幾個季度一直採用的同一套指引哲學。我們談過要更接近靶心（getting closer to the pin）。

So that's really -- yeah, it's pretty -- it's quite simple, right? We had a great quarter in Q2, great quarter in Q1. Q3, we're applying that same guidance philosophy. So no change in terms of any of the variables that you just mentioned.

所以這真的——是的，這很——相當——相當簡單，對吧？我們在 Q2 有個很棒的季度，Q1 也很棒。到了 Q3，我們套用同樣的指引哲學。所以你剛提到的那些變數方面，沒有任何改變。

Next up, we'll go to Shrenik Kothari at Baird.

接下來我們請 Baird 的 Shrenik Kothari。

Hey, guys. Congrats on the great results, and thanks for taking the questions. So just to follow up on an earlier competitive question and Todd and Eric, you touched upon it a bit. We are increasingly hearing on the field, the CIO/CISOs who are exploring agentic identity, also becoming wary of these AI-first private vendors like OSS, Alteryx getting acquired, further creating that integration road map uncertainty. Are you seeing that also catalyze a move in terms of pipeline towards scaled sort of independent platform by you guys?

嗨，各位。恭喜取得很棒的成果，也謝謝讓我提問。我想延續先前一個關於競爭的問題，Todd 和 Eric 也稍微提到了一些。我們在前線越來越常聽到，正在探索代理式身分（agentic identity）的 CIO/CISO，也開始對這些 AI-first 的私營供應商感到戒慎，例如 OSS、Alteryx 被收購，進一步造成整合路線圖的不確定性。你們是否也看到這點正在催化管線（pipeline）朝向你們這種可規模化、相對獨立的平台移動？

And just on a related note, importantly, since you and Eric mentioned the phrase no regret investment a couple of times, with the simplified agent pricing that you launched and overall packaging also designed to remove this procurement friction and more scalable as deployment scale.

另外一個相關問題也很重要：既然你和 Eric 多次提到「不會後悔的投資（no regret investment）」這個說法，隨著你們推出簡化的代理定價，以及整體包裝也旨在消除採購摩擦、並在部署規模擴大時更具可擴展性。

Is that also pulling a lot of these evaluations towards other areas, as you said, and customers wanting this no-regret durable, economically scalable plane across humans and agents? I know it's a couple of questions, but yeah.

這是否也正在把許多這類評估拉向你所說的其他領域——也就是客戶希望在「人類與代理」之間，擁有一個不會後悔、持久且在經濟上可規模化的控制平面（plane）？我知道這其實是好幾個問題，但——是的。

I think there are about three in there. Let me approach the first one, and then Todd and Brett can comment on the second. The -- we absolutely believe that the uncertainty in the market right now around -- that customers are faced with.

我想這裡面大概有三個問題。我先回答第一個，然後 Todd 和 Brett 可以評論第二個。我們——我們絕對相信，目前市場上的不確定性——客戶正面臨的那種不確定性。

In fact, I was with a customer event last week abroad and had an opportunity to talk to a half dozen CISOs on their plans for how they're solving both core workforce and customer identity and also Agentic identity. And they share the concern that you just articulated, which is the various players in the space and the venture fund companies are moving very rapidly, and it's difficult for them to have confidence in predicting what the future is going to be.

事實上，我上週在海外參加一場客戶活動，有機會和半打 CISO 談他們的規劃：他們如何同時解決核心的員工身分（workforce）與客戶身分（customer identity），以及代理式身分（Agentic identity）。他們也分享了你剛才表達的擔憂：這個領域的各種參與者與創投基金支持的公司動作非常快，他們很難有信心去預測未來會是什麼樣子。

And one of the reasons that they come to Okta and talk to Okta is specifically because we are a proven company. We've been solving this problem for 17 years for over 20,000 customers, and we've earned the trust of those customers and the partners that we work with to solve these problems. And so they have confidence in our ability to work with them for the long term as well, not just for the short term.

而他們來找 Okta、與 Okta 交流的原因之一，正是因為我們是一家經過驗證的公司。我們為超過 20,000 家客戶解決這個問題已經 17 年，並且贏得了這些客戶以及與我們合作解決這些問題的合作夥伴的信任。因此，他們也對我們能與他們長期合作充滿信心，而不只是短期。

In addition to that, this also, again, highlights the importance of our neutrality as they know the various stack components that they're using, the various frontier models they're using, all of those technologies are evolving and leapfrogging each other regularly.

除此之外，這也再次凸顯了我們中立性的重要性：他們知道自己正在使用的各種技術堆疊元件、各種前沿模型（frontier models），所有這些技術都在演進，並且經常彼此超車。

And they know that a bet with Okta is a bet that's going to carry them with continuity through whatever happens elsewhere in the technology landscape. So that's absolutely one of the primary reasons our customers have confidence that Okta is a smart long-term bet.

而他們也知道，押注 Okta 是一個能讓他們在技術版圖其他地方不論發生什麼，都能以連續性一路走下去的押注。所以這絕對是我們客戶對 Okta 有信心、認為 Okta 是一個明智的長期押注的主要原因之一。

One of the interesting things is that a lot of these little companies are pivots. So they started off as like trying to detect service accounts or trying to do service account discovery or agent discovery, and they've more recently pivoted into this comprehensive vision like we have of discovery, where are my agents, what can they connect to, what can they do? And so a lot of their products end to end are quite immature. They might be strong in one area, but end-to-end.

有趣的一點是，這些小公司當中有很多都在轉型（pivot）。他們一開始可能是在嘗試偵測服務帳號，或做服務帳號探索、代理（agent）探索，但最近又轉向我們這種更全面的探索願景：我的代理在哪裡、它們能連到什麼、能做什麼？因此，他們很多產品在端到端的成熟度其實相當不足。可能在某一個領域很強，但做不到端到端。

And that's pretty frustrating for these CISOs and CIOs I talk to because they don't want -- they're hesitant enough about buying a small vendor because they're worried about getting it acquired or having it go away or run out of money.

這對我接觸的這些 CISO 和 CIO 來說相當令人挫折，因為他們本來就不太願意買小型供應商——他們擔心對方被併購、消失，或資金燒完。

But then they sure don't want to have to buy five of them to get the solution that we have. And so generally available product, comprehensive vision, iterating quickly, that really resonates. Like, I talk to CIOs and CISOs that are amazed. We're iterating faster than startups, and they're amazed by that. And yes, it's tough to go wrong when you have a trusted vendor that's already in front of all your people, in your infrastructure and trusted security vendor. It's a good position to be in.

但他們更不希望為了得到我們所提供的解決方案，還得買五家不同的小廠。所以，一個可普遍取得（generally available）的產品、全面的願景、快速迭代，這些真的很能引起共鳴。像我跟 CIO 和 CISO 聊，他們都很驚訝。我們迭代速度比新創還快，他們對此感到很驚訝。而且是的，當你有一個值得信賴、已經在你所有員工面前、在你的基礎設施裡、並且是受信任的資安供應商時，要出錯其實很難。這是一個很好的位置。

Let's go to Steve Koenig at Macquarie.

我們來請 Macquarie 的 Steve Koenig。

Okay. Thanks, Dave, get me in. Todd, a question for you. Maybe pivoting from these -- talking about these small upstarts, trying to do AI identity and looking at some of the majors that are all claiming to have like control towers or control planes or what have you. You got Microsoft, Salesforce, ServiceNow.

好的。謝謝，Dave，讓我加入。Todd，我有個問題想請教你。也許從這些——談到這些小型新創、想做 AI 身分識別——轉到一些大型廠商，他們都宣稱自己有什麼控制塔（control towers）或控制平面（control planes）之類的。像是 Microsoft、Salesforce、ServiceNow。

Maybe just can you give us some perspective about, like, to what extent do those products overlap and compete with your Okta for AI agents? Or to what extent are they useful even if you have Okta, if you're, say, a Salesforce customer. Maybe just some perspective on are you really competing with those products? And how are you differentiated from them? Thanks a lot.

你能不能給我們一些觀點：這些產品在多大程度上會跟你們的 Okta for AI agents 重疊並競爭？或者說，即使你有 Okta，若你是 Salesforce 客戶，這些產品在多大程度上仍然有用？想請你談談，你們到底是不是在跟那些產品競爭？以及你們跟他們的差異化在哪裡？非常感謝。

Yeah. I think Microsoft is copying us, which I think they have been for 15 years. So I think they're copying what we're doing, and they see the value of an agent registry. And I think the challenge for them is going to be -- it's really hard to be neutral, and it's really hard to make an agent registry that works as well for Amazon and Google and OpenAI and Anthropic as it does for Azure and Microsoft. But I think they have a similar vision, and it looks at least from their blogs. I don't know if they have a real product yet, but at least from their blogs, it seems like they are copying us.

是的。我認為 Microsoft 在抄我們，我覺得他們 15 年來一直都是如此。所以我認為他們是在複製我們正在做的事，他們也看到了代理登錄（agent registry）的價值。而我認為他們的挑戰會是——要保持中立非常困難，要做出一個對 Amazon、Google、OpenAI、Anthropic 也能像對 Azure 和 Microsoft 一樣好用的代理登錄，真的很難。但我覺得他們有類似的願景，至少從他們的部落格看起來是這樣。我不知道他們是否已經有真正的產品，但至少從他們的部落格來看，似乎是在抄我們。

And then I think ServiceNow and Salesforce are like every vendor, I think they're coming at the problem from their perspective. ServiceNow is coming at it from a very like an asset management, workflow management perspective.

接著我認為 ServiceNow 和 Salesforce 跟所有供應商一樣，都是從自己的角度切入這個問題。ServiceNow 是從非常偏資產管理、工作流程管理的角度切入。

And we found it very valuable to work with them because we can add a lot of value in that environment. We can really help them sever the connections. The trusted connections between agents and the rest of the ecosystem, we're at that level of detail.

而我們發現跟他們合作非常有價值，因為我們能在那個環境中增加很多價值。我們真的可以幫他們切斷連線。在代理與生態系其餘部分之間的受信任連線上，我們做到那種細節層級。

We have the tokens, we have the protocols so that can really help the control tower from ServiceNow actually come to fruition with a control -- a kill switch that can actually kill the connections. That's been a really valuable partnership.

我們有權杖（tokens），也有通訊協定（protocols），因此能真正幫助 ServiceNow 的控制塔願景落地，具備一個控制——一個「緊急停止開關」（kill switch），可以真的把連線切掉。這一直是非常有價值的合作夥伴關係。

Salesforce is similar. It's like they're coming from more of the service and support and platform layer to some degree, but guess what, people log in to Agentforce through Okta. And we can help people securely connect Agentforce to everything else in the ecosystem because the more Agentforce agents are connected to data across the ecosystem, the better, and we can help with that. So everyone is kind of sticking in their own lane. And lucky for us, our lane is perfect for this world.

Salesforce 也類似。他們某種程度上是從服務、支援以及平台層切入，但你猜怎麼著，人們是透過 Okta 登入 Agentforce 的。而且我們可以協助大家把 Agentforce 安全地連到生態系中的其他一切，因為 Agentforce 的代理連到整個生態系的資料越多就越好，而我們能幫上忙。所以大家某種程度上都在各走各的路。而對我們來說很幸運的是，我們的賽道非常適合這個世界。

Our lane is people to technology and then technology to multiple different vendors with multiple different plays in the technology space, we're very good at that. We've existed in that middle for 17.5 years. And it's a muscle we have in the company. It's a culture we have in the company, and it's really paying off.

我們的賽道是「人到技術」，以及「技術到多家不同供應商」——在技術領域裡有多種不同打法的供應商之間做連結，我們非常擅長。我們在那個中間層已經存在 17.5 年了。這是我們公司具備的一種肌肉。這也是我們公司的一種文化，而現在正帶來很好的成果。

That's great. Really helpful. Thanks, Todd.

太好了。非常有幫助。謝謝你，Todd。

Yeah.

嗯。

Let's go to Trevor Rambo of BTIG.

我們來請 BTIG 的 Trevor Rambo。

Great. Yeah. This is Trevor on for Gray Powell. Thanks for taking our questions, guys. So maybe looking at the rest of the portfolio, it seems like OIG is getting more and more mature every quarter from a technology standpoint.

太好了。是的。我是 Trevor，代 Gray Powell 提問。謝謝各位回答我們的問題。那也許看看產品組合的其他部分，從技術角度來看，OIG 似乎每一季都越來越成熟。

And while the AI side of the business is very exciting and doing well, it feels like OID is contributing more to the business right now. So maybe we take a step back, can you give us a sense of how that product performed in Q2? And are you starting to see more net new lands there? Or it's still mostly just expansion from the core base?

雖然 AI 這一塊業務非常令人興奮、表現也很好，但感覺目前 OID 對業務的貢獻更大。所以也許我們退一步，你能不能讓我們了解一下那個產品在第二季（Q2）的表現如何？以及你們是否開始看到更多全新落地（net new lands）的案子？還是主要仍然是既有核心客群的擴張？

It's -- the whole new product portfolio is super strong. OIG is the biggest bucket in there. So you're right, it's the biggest bucket. The whole bucket outperformed. Like I mentioned, 30% of bookings. Performance was across the Board. Everything -- I think every product in there beat our plan internally, which is great. And more and more, you're seeing the -- I think when you think about OIG and Privileged Access Management and Access Management, the most important thing is that we're starting to see them be sold as a suite more because we're transforming the identity industry.

是——整個新產品組合都非常強。OIG 是其中最大的一塊。所以你說得對，它是最大的一桶。整桶的表現都超出預期。如我提到的，占了 30% 的 bookings（訂單/簽約）。表現是全面性的。所有——我想裡面的每一個產品都超過了我們內部的計畫，這很棒。而且越來越多地，當你想到 OIG、特權存取管理（Privileged Access Management）以及存取管理（Access Management）時，最重要的是我們開始看到它們更常以套件（suite）的方式一起被銷售，因為我們正在改造身分識別產業。

We're going from an identity industry that was very stovepiped. It was OIG was separate than access management was separate than customer was separate than privilege, was separate than -- so that world is going away.

我們正從一個非常煙囪式（stovepiped）的身分產業走向新的樣貌。過去是 OIG 跟存取管理分開、跟客戶身分分開、跟特權分開、再跟——總之都是分開的；那個世界正在消失。

And we're the only vendor that has everything under one vendor, and we can -- it's all integrated. It works great. It's not a bunch of stuff that was bought and slammed together. I mean it's been a product that -- there's some acquisitions in there, but the vast majority of it is organically developed, and -- which is better for customers.

而我們是唯一一家把所有東西都放在同一家供應商之下的廠商，而且我們可以——全部都整合在一起。運作得很好。不是一堆買來的東西硬湊在一起。我的意思是，裡面確實有一些併購，但絕大多數是有機自研的——這對客戶更好。

Customers want a real platform that works together, not a platform that was bought and renamed and slammed together and sold from one salesperson. And that's really resonating. So yes, that part of the business, like I've said before in a couple of answers, that's what's driving the -- that's what drove the overperformance is the new products and the core business, workforce and customer both accelerated since the ACV growth accelerated since we last released it in Q4. So that's kind of the secret sauce there.

客戶想要的是一個能真正協同運作的平台，而不是一個買來、改名、硬拼在一起，然後由同一個業務打包賣的「平台」。而這點真的很能引起共鳴。所以是的，這一塊業務——就像我在前面幾個回答裡說過的——推動超預期表現的，就是新產品與核心業務；自從我們上次在第四季（Q4）公布以來，workforce 和 customer 兩條線都加速成長，ACV 成長也加速。所以那就是其中的祕密武器。

And you can't -- and you have to build that up over years, right? We've been working on OIG and Privilege and for 6 years, 6.5 years. And it just takes time. You can't slap stuff together and have a leading product. Leading products take time. As much as I'd like to rename it and have it be something cool and new, you can't do it, it takes time.

而且你不能——而且你必須在多年之間把它建立起來，對吧？我們在 OIG 和 Privilege 上已經投入了 6 年、6.5 年。而這就是需要時間。你不可能把東西隨便拼湊一下就做出領先的產品。領先的產品需要時間。儘管我很想把它重新命名，讓它變成某個很酷、很新的東西，但你做不到，這需要時間。

Next, we'll hear from Jonathan Ho at William Blair.

接下來我們將聽 William Blair 的 Jonathan Ho 提問。

Congratulations on the strong quarter.

恭喜本季表現強勁。

What do you think? Do you think we should rename everything?

你怎麼看？你覺得我們應該把所有東西都重新命名嗎？

It'd be pretty interesting. You usually have Okta in front of everything. So --

那會挺有意思的。你通常會在所有東西前面加上 Okta。所以——

It used to be Azure Active Directory and then they rename it to Entra. Yeah. It sounds exactly like Okta. Why did they do that?

以前叫 Azure Active Directory，然後他們把它改名成 Entra。對。聽起來就跟 Okta 很像。他們為什麼要這麼做？

Good question. Good question. With the Permiso acquisition, can you help us understand how this sort of expands your product set? And what is post authentication behavioral, what does that opportunity look like, particularly in the AI-driven world?

好問題。好問題。關於收購 Permiso，你能幫我們理解這如何擴展你們的產品組合嗎？以及「驗證後行為」（post authentication behavioral）是什麼，那個機會看起來如何，特別是在 AI 驅動的世界裡？

We see an interesting phenomenon in the customer base. 80% of breaches are identity-based attacks. And -- but when you look at our customer base, relatively small percentage have the most advanced Identity Threat Protection product. Identity Threat Protection, we've talked about it for a while, Jonathan. It's like very, very important and very unique.

我們在客戶群中看到一個有趣的現象：80% 的入侵事件都是以身分為基礎的攻擊。而——但當你看我們的客戶群時，採用最先進的 Identity Threat Protection 產品的比例相對不高。Jonathan，我們談 Identity Threat Protection 談了一段時間了。它非常、非常重要，而且非常獨特。

And by the way, very differentiated. None of the other IDPs have this. It's not only evaluates session risk at the time of login, but also post login, continuously monitors it, looks for risk signals, not only from Okta, but risk signals from the ecosystem from CrowdStrike and Palo Alto Networks and takes those altogether and can shut down sessions after login.

順帶一提，差異化非常明顯。其他 IDP 都沒有這個。它不只是在登入當下評估工作階段風險，也會在登入後持續監控，尋找風險訊號；而且不只看 Okta 的訊號，也會看來自生態系（例如 CrowdStrike、Palo Alto Networks）的風險訊號，把這些整合起來，並且能在登入後關閉工作階段。

So it's -- any company that is running identity without this technology, it's -- you're at risk and you're behind, but not everyone is upgraded to it. So I guess this is a plug. Everyone should upgrade to this thing. And if it's not -- you don't get it from Okta, force your vendor to build it and so you can get it or you can just buy it from us.

所以——任何公司在做身分管理卻沒有這項技術——你就處於風險之中，也落後了，但並不是每個人都已經升級到它。所以我想這算是一個宣傳。每個人都應該升級到這個東西。如果不是——如果你不是從 Okta 取得，就逼你的供應商把它做出來，讓你能用；或者你也可以直接跟我們買。

Now Permiso, the way to think about Permiso, it's like the next generation of that. So instead of 90 native risk detections, they have 400 native risk detections. So it's a much richer and deeper set of correlative processes and machine learning that can really look at a session deeply across many vectors and many variables and detect risk. And of course, that's going to pay off in just person log in. It's going to pay off in just an agent log in.

至於 Permiso，理解 Permiso 的方式是：它就像那個的下一代。所以他們不是 90 個原生風險偵測，而是有 400 個原生風險偵測。因此它有更豐富、更深入的關聯分析流程與機器學習，能從多個向量與多個變數更深入地檢視一個工作階段並偵測風險。當然，這會在一般使用者登入時帶來成效。也會在代理（agent）登入時帶來成效。

They also have a very strong threat research team they bring to the company. And it's most -- this is probably the most exciting thing. It's the perfect size for Okta to take and add to our products and extend our products for what's going to be a big area for us is this advanced identity threat protection over time.

他們也帶來一支非常強的威脅研究團隊加入公司。而且最——這可能是最令人興奮的部分。它的規模對 Okta 來說剛剛好，可以把它納入並加到我們的產品中、延伸我們的產品；因為隨著時間推進，這個「進階身分威脅防護」將會是我們的一個大領域。

Yeah, we're really lucky to have them on board, and it's been great to get to know them. We just closed, I think the acquisition actually officially closed only today. So we've been working with them preliminarily, but now it's going to be great to dig in with them and build something great together.

是的，我們很幸運他們加入，認識他們的過程也很棒。我們剛完成交易，我想這筆收購其實正式完成就是今天。所以我們先前已經做了一些前期合作，但現在能更深入地一起投入、共同打造很棒的東西，會非常好。

I asked ChatGPT and it said to call the product Okta Nexus.

我問了 ChatGPT，它說把產品叫做 Okta Nexus。

Okta Nexus.

Okta Nexus。

There you go. There you go.

就這樣。就這樣。

Jonathan, I would just add, this is another one of these tech tuck-in M&As that we've done over the last several years. You've seen them be very successful in a variety of products. So we've got a good track record here, and we think this is going to be another nice addition to the portfolio of products, like Todd just said, it's pretty exciting for us. So looking forward to selling a bunch of this in the future.

Jonathan，我再補充一下：這是我們過去幾年做過的另一種技術補強式（tuck-in）的併購。你也看到它們在多種產品上都非常成功。所以我們在這方面有不錯的紀錄，我們認為這會是產品組合的另一個很好的補充；就像 Todd 剛說的，這對我們來說相當令人興奮。所以也期待未來能賣出很多。

Let's go to Yun Kim at Loop.

接下來請 Loop 的 Yun Kim。

Thanks. First, congrats on the quarter. Just given how quickly agentic AI adoption is happening out there? How are you incorporating the number of AI agents in your deal because that number will probably grow really, really fast. Are those numbers staged over a period of time, so you would expect renewals to happen pretty quickly as customers will probably underestimate what they need initially?

謝謝。首先，恭喜本季表現。考量到外界採用代理式 AI（agentic AI）的速度這麼快，你們在交易中如何納入 AI 代理的數量，因為那個數字可能會非常、非常快地成長。這些數字會不會分階段在一段時間內逐步調整，因此你會預期續約會很快發生，因為客戶一開始可能會低估他們需要的量？

I'll tell you an interesting story. We were -- in terms of -- you mentioned that the -- you said that the number of agents is growing fast. So this is -- I want to be super concrete. I think it's the most helpful for everyone on the call when I'm super concrete about stuff. So we were talking to a company that ended up being a nice Okta for AI agents deal in the quarter.

我跟你分享一個有趣的故事。我們——就——你提到——你說代理的數量成長很快。所以這個——我想講得非常具體。我認為在這通電話上，我把事情講得非常具體，對大家最有幫助。所以我們在跟一家公司談，最後在本季成為一筆不錯的「Okta for AI agents」交易。

And when the evaluation started, we were -- we ran our technology and we detected 50 instances of a Claude agent in the environment. And they were thinking about what they wanted to do, and then we came back a few weeks and there was 1,500 Claude agents in the environment. So it's like 52 weeks, 1,500. So it's -- these customers are -- it's really tangible, the risk that they're seeing and the way this is coming into their organization. So this is catalyzing some of these deals, this onrush of agents.

而在評估一開始時，我們——我們跑了我們的技術，在他們的環境中偵測到 50 個 Claude 代理實例。他們在思考要怎麼做，然後幾週後我們再回去看，環境裡已經有 1,500 個 Claude 代理了。所以就像從 50 變成 1,500。所以——這些客戶——他們看到的風險，以及這些東西進入他們組織的方式，真的非常具體、非常明顯。所以這波代理的湧入正在催化其中一些交易。

To your question about licensing and pricing and renewals and so forth. The -- everyone is figuring out how to price this stuff. Now I mentioned a lot of companies don't have a GA product, so they can get up here and talk about like what they might do in this and that and the other and talk about all the stuff. We have to have a pricing model because we're in the market. And so our pricing model is per user.

至於你問到授權、定價、續約等等。——大家都還在摸索這些東西要怎麼定價。我剛提到很多公司還沒有 GA（正式可用）產品，所以他們可以上來談他們可能會怎麼做、這樣那樣，談一堆東西。我們因為已經在市場上，所以必須要有一個定價模型。因此我們的定價模型是按每位使用者（per user）。

So if you want to buy Okta for AI agents, it's an uplift to your per user charge. The product works across different use cases. So it can be login for the user and the agent. It can be passing the agent credential across the whole chain of command. It can be governing the agent, but the pricing is per user, an extension of the per user price.

所以如果你想買 Okta for AI agents，它會是在你每位使用者費用上的一個加價（uplift）。這個產品可跨不同使用情境運作。它可以用於使用者與代理的登入。它可以在整個指揮鏈中傳遞代理憑證。它也可以用於治理代理，但定價是按每位使用者，是每位使用者價格的延伸。

Now the first thing everyone says is, well, that's crazy. Seats are going away and you got to charge per agent. That all may be true. But the way customers are using agents now and the way they want to buy is per user. And one of our advantages is we're super close to the customers.

現在大家第一個反應都是，嗯，這太瘋狂了。席位要取消了，而且你得按每個代理（agent）收費。這些可能都是真的。但客戶現在使用代理的方式，以及他們想要購買的方式，是按每位使用者計價。而我們的一個優勢是，我們與客戶的距離非常近。

And as I'm sure this is for sure going to evolve and as we come up with ways that work for the customer and work for Okta, how to package it and price it differently, we'll iterate quickly and give them what they want. But for now, they like the predictability. They like the investments matches the business value they see. It's helping these deals move faster. So I think that's the winning formula for now.

而且我很確定這一定會持續演進；當我們想出既對客戶有效、也對 Okta 有效的做法——如何以不同方式打包與定價——我們會快速迭代，給他們想要的。但就目前而言，他們喜歡可預測性。他們喜歡投入與他們看到的商業價值相匹配。這也在幫助這些交易更快推進。所以我認為，這就是目前的致勝公式。

Is there any consumption limit on those per-user pricing?

這種按每位使用者計價有任何用量上限嗎？

Yeah. It's an interesting question, like we haven't -- in our products, we haven't done that much, but we're starting to add that stuff because particularly, I don't know if you guys saw the announcement we did about supporting agent SSO in our base edition across the board as we did it on Monday. Agents are going to log in way more than people.

有。這是個有趣的問題；就我們的產品而言，我們過去沒有做太多這類限制，但我們開始加入這些機制。尤其是——我不知道你們是否看到——我們在週一宣布，在我們的基礎版本中全面支援代理 SSO。代理登入的頻率會比人高得多。

So in that product, we actually have a cap of agent SSO that we're actually not going to enforce right away, but we're putting the framework and the scaffolding in there to have a consumption-based pricing eventually because it's very likely that with agents proliferating and how they behave that the usage is going to be quite high.

所以在那個產品裡，我們其實對代理 SSO 設了上限；我們不會立刻強制執行，但我們正在把框架與支架先搭好，讓未來可以走向按用量計價，因為很可能隨著代理大量普及以及其行為模式，用量會相當高。

Okay, great. Thank you.

好的，很棒。謝謝。

Let's go to Kingsley Crane at Canaccord.

我們來到 Canaccord 的 Kingsley Crane。

Great. Thanks. I want to ask on CIAM. So Todd, you mentioned you're talking to customers, enterprises all the time in developer CIAM, you won the hearts and minds of developers, but how Devs source products is somewhat changing with AI?

很好。謝謝。我想問 CIAM。Todd，你提到你一直在跟客戶、企業端在開發者 CIAM 方面交流，你贏得了開發者的心，但在 AI 的影響下，開發者採購產品的方式似乎正在改變？

Completely --

完全是————

Yeah. Well, of course, yes. But so they may be amenable to whatever vendor has suggested as an example. So like how important is it for you to be the default --

是的。當然，是的。但因此他們可能會更願意接受某個供應商所建議的範例。所以，對你們而言，成為預設選項有多重要——

Super important.

非常重要。

Those kinds of environments? And what can you do?

在那類環境中？你們能做些什麼？

Yeah. We have like the last six months, we have tons of focus on this. You have to show up in the LLMs, you have to show up -- agents are searching for tools. And so you have to be at the top of the leaderboard there. So we're really focused on making that happen. We made a ton of progress. Yes, it's really important.

是的。過去六個月我們在這方面投入了大量心力。你必須出現在 LLM 裡，你必須出現在——代理正在搜尋工具。因此你必須在那個排行榜上名列前茅。所以我們非常專注於讓這件事發生。我們已經取得了很大進展。是的，這非常重要。

Good. Thanks.

很好。謝謝。

Let's go to Mark Cash at Raymond James.

我們來到 Raymond James 的 Mark Cash。

Yeah on for Adam today. I don't know if this is for Todd or Brett, but last quarter, you mentioned how AI contribution was significant to the guide. Maybe they're a little bit expected to get big. Now 90 days later, I completely understand that AI is still relatively small compared to your scale in the quarter. But maybe can you talk about how much of the raise in the outlook was due to AI? Thank you.

今天我代 Adam 提問。我不確定這題是問 Todd 還是 Brett，但上季你們提到 AI 的貢獻對指引（guidance）有顯著影響，可能也預期會變大一些。現在 90 天後，我完全理解相較於你們本季的規模，AI 仍然相對很小。但能否談談這次上調展望（outlook）中，有多少是由 AI 帶動的？謝謝。

Still immaterial. Still very small. We're very early innings. But like we've talked about here, we're excited about the long-term opportunity. So for FY27, we don't think it's going to be material. But '28 and beyond, we do -- if things keep going the way that they're going, then we do think that there is a real possibility for this to be material for the business in the long run.

仍然不具重大性。仍然非常小。我們還在非常早期的階段。但就像我們在這裡談到的，我們對長期機會感到興奮。所以對 FY27 而言，我們不認為它會變得重大。但在 2028 年及之後，如果事情持續以目前的方式發展，我們確實認為，長期來看它很有可能對業務變得具有重大性。

Great. We've got about five minutes left. Let's try to get to the rest of the questions. We'll go to Junaid at Truist.

很好。我們大約還剩五分鐘。我們盡量把剩下的問題都問到。接著是 Truist 的 Junaid。

Great. Thanks, Dave. Todd, you've noted identity governance being a leading contributor in your new products bucket, and it's matured into a land product. You've talked about PAM remaining earlier in its life cycle and more of a cross-sell product with AI agents requiring capabilities like token vaulting, credential management and just-in-time privileged access. Are you seeing Agentic workloads materially increase the strategic importance of PAM? And could Agentic identity be the catalyst that drives PAM from this cross-sell motion towards a much more --

很好。謝謝你，Dave。Todd，你提到身分治理（identity governance）是你們新產品組合中的主要貢獻者，且已成熟為一個「落地（land）」產品。你也談到 PAM 仍處於較早期的生命週期，更像是交叉銷售（cross-sell）產品；而 AI 代理需要像是權杖保管庫（token vaulting）、憑證管理（credential management）以及即時（just-in-time）的特權存取等能力。你是否看到代理式（Agentic）工作負載在實質上提高了 PAM 的策略重要性？而且代理式身分（Agentic identity）是否可能成為催化劑，推動 PAM 從這種交叉銷售動能走向更————

I think that this association between PAM and Agentic is maybe -- was overemphasized. I think there was this mindset three years ago that agents needed privileged access, and so PAM was going to be the right place to do agents. I think it's wrong. I think it's wrong. I think agents do need privileged access for sure, but it needs to start on a much broader base. PAM is too narrow. PAM was -- had a very small number of users in super lockdown environments.

我認為把 PAM 和 Agentic 連結在一起，可能——被過度強調了。我覺得三年前有一種想法是，代理需要特權存取，所以 PAM 會是做代理的正確位置。我認為這是錯的。我認為這是錯的。我認為代理確實需要特權存取，但它必須從更廣泛的基礎開始。PAM 太狹窄了。PAM——在高度封鎖的環境中，使用者數量非常少。

Agents, the whole dream of agents is that they're there for everyone. So it doesn't make sense to start your agent journey and figuring out where the agents are and what they can do and what they connect to. It makes no sense to start it from the most locked down thing sitting next to the Oracle database on a sun server.

代理的整個願景是，它們要服務所有人。所以從最一開始就用 PAM 來啟動你的代理旅程、去弄清楚代理在哪裡、能做什麼、能連到什麼，這不合理。從最嚴密鎖定的那一塊開始——就坐在 Sun 伺服器上、緊挨著 Oracle 資料庫的那個——這完全沒有意義。

It makes sense to start it from the broad IDP, whether it's customers or whether it's employees and then start from there and say, hey, how can I take this token that was generated for this user and pass it through with traceability and accountability all the way through the chain it needs to go through? That's what we're seeing in the industry.

合理的做法是從廣泛的 IDP（身分提供者）開始，不管是客戶端還是員工端，然後從那裡出發說：嘿，我如何把為這位使用者產生的這個權杖（token），以可追溯性與可問責性一路傳遞，穿過它需要經過的整條鏈？這就是我們在產業中看到的趨勢。

It's a much better place to start, which is, I think a lot of these vendors are seeing that, and that's why it's hard for them to get their products out, and that's why the products are more narrowly adopted, and I think you're seeing us be really well positioned, which is why I think if you look at what Microsoft is doing or it's companies with the access to more users that are at an advantage there versus narrow security vendors that were more boxed in.

這是一個更好的起點；我想很多供應商也看到了這點，所以他們很難把產品推出來，也因此產品的採用更為狹窄。而我認為你們看到我們的定位非常好；這也是為什麼我認為，如果你看 Microsoft 在做什麼，或是那些能觸及更多使用者的公司，在那方面會更有優勢；相較之下，較為狹窄的資安供應商會更受限。

Next up is Joe Vandrick at Scotiabank.

下一位是 Scotiabank 的 Joe Vandrick。

Thanks, Dave. You've got Joe Vandrick here on for Patrick Colville. So Todd, we did see the release of agent SSO a couple of days ago, which is now included in the core SSO product. So we were wondering if this is a way for Okta to give your existing customers a taste of that AI agent solution? And then what will eventually cause a customer to upgrade into purchasing that broader Okta for AI agents product?

謝謝，Dave。我是 Joe Vandrick，代 Patrick Colville 提問。Todd，我們確實看到幾天前發布了代理 SSO，現在已包含在核心 SSO 產品中。所以我們想知道，這是否是 Okta 讓既有客戶先「嚐鮮」你們 AI 代理解決方案的一種方式？接著，最終會是什麼因素促使客戶升級，去購買更完整的「Okta for AI agents」產品？

You described it exactly right. It's spreading the kind of the core, core foundation of Okta for AI Agents, which is the directory entry that tracks the identity of an agent that puts that everywhere, ubiquitous. And so what the upsell is, is like policy, how you want to do governance, how you want to have a software MCP gateway, a virtual MCP server. There's five or six or seven really key upsells. But in SSO addition is the core entry in the directory.

你描述得完全正確。這是在擴散 Okta 針對 AI Agents 的核心、核心基礎，也就是目錄中的條目，用來追蹤代理的身分，並把它部署到各處、無所不在。因此，所謂的加購（upsell）就像是政策（policy）、你想如何做治理（governance）、你想如何建置軟體 MCP 閘道（gateway）、虛擬 MCP 伺服器。大概有五、六或七個非常關鍵的加購項目。但在 SSO 的附加項中，目錄裡的核心條目才是根本。

There's another more important strategic reason to do it, and that's because we're on this mission to standardize AI security and particularly this agent single sign-on across the industry. And we're doing that on many fronts.

另外還有一個更重要的策略性原因要這麼做，那就是我們正肩負一項使命：在全產業標準化 AI 安全，特別是這種代理單一登入（agent single sign-on）。而我們正從多個面向推動這件事。

The biggest front right now is this Cross-App Access protocol. And we mentioned a huge step forward where Anthropic is supporting Cross-App Access in what they call Enterprise Managed Authorization. And we're the only identity provider that speaks this language, and they're seeing it solve a customer -- a problem in their customer base. So they're putting it in cloud, and we're trying to get every agent company to follow their lead. That's all very important.

目前最大的一個面向是這個 Cross-App Access 協定。我們也提到一個巨大的進展：Anthropic 在他們所稱的「企業管理式授權」（Enterprise Managed Authorization）中支援 Cross-App Access。而我們是唯一能說這種「語言」的身分識別供應商（identity provider），他們也看到它正在解決其客戶群中的一個問題。所以他們把它放到雲端上，而我們正努力讓每一家代理公司都跟進他們的做法。這些都非常重要。

Now imagine going to every app, Salesforce, Slack, Asana, all these companies, hundreds and hundreds of these SaaS companies and tell them, hey, we want you to support this new protocol for agent single sign-on. The first question is how many customers can do it? And now the answer is 20,000. So that's the reason to do it. It's to spread the standard and really catalyze this whole industry with customers benefiting the most.

現在想像一下，去找每一個應用程式：Salesforce、Slack、Asana，所有這些公司，成百上千家 SaaS 公司，告訴他們：嘿，我們希望你們支援這個用於代理單一登入的新協定。他們第一個問題會是：有多少客戶能用？而現在答案是 20,000。所以這就是要做這件事的原因。就是要擴散這個標準，真正催化整個產業，而受益最大的會是客戶。

Okay. We're getting to what looks to be our last question from UBS.

好的。我們來到看起來是 UBS 的最後一個問題。

Great. This is Jack Fyda on for Roger Boyd. Brett and Todd, I wanted to understand a little bit on the Fed side as we head into 3Q here. You mentioned you had a good 1Q on the pub sec side and where there was a nice customer identity solution win in the prepared remarks with the DoD here. So now as we enter 3Q with the IL5 certification, the DoD Zero Trust mandate, Brett would love to understand just what's baked into 3Q guidance relative to last year with the federal mandate?

太好了。我是 Jack Fyda，代替 Roger Boyd 提問。Brett 和 Todd，我想在我們進入第 3 季（3Q）之際，了解一下聯邦（Fed）端的情況。你們提到在公共部門（pub sec）端第 1 季（1Q）表現不錯，並且在事先準備的發言中提到與國防部（DoD）在客戶身分（customer identity）解決方案上拿下一個不錯的案子。那麼，現在我們帶著 IL5 認證、以及 DoD 的零信任（Zero Trust）強制要求進入第 3 季，Brett，我很想了解：相較去年，針對這項聯邦強制要求，你們在第 3 季指引（guidance）中已納入了哪些假設？

Public sector overall is really important, and I'm pumped up about it. We've done so much work. I was recently in Maryland and Virginia, talking to top government people. And like everyone else, they're really, really excited/freaked out about AI. And we have super relevant offerings for them, both on just talk about legacy identity.

公共部門整體非常重要，我也很振奮。我們做了非常多的工作。我最近去了馬里蘭州和維吉尼亞州，和政府高層人士交流。而且跟其他人一樣，他們對 AI 既非常興奮、也非常緊張。我們有非常切題的產品能提供給他們，不管是就傳統身分（legacy identity）來談也是如此。

I mean they have the most legacy of the legacy identity and also an understanding of how critical it is. So we're -- US federal DoD, public sector in general is tremendous opportunity for us. It's only -- it's less than 10% of our business right now. So we have tons of success, but -- or tons of momentum, but tons of room to run there, which is quite impressive.

我的意思是，他們擁有最「傳統中的傳統」的身分系統，也理解其關鍵性有多高。所以我們——美國聯邦 DoD，以及整體公共部門——對我們而言是巨大的機會。目前它只占我們業務不到 10%。因此我們有很多成功——或者說很多動能——但也還有很大的成長空間，這點相當令人印象深刻。

The other interesting thing in US federal specifically, I don't know if you're hearing this from other companies, but the first part of this year was kind of a mess. It was DOGE, no one knew they're going to have a job, every spending was being scrutinized. It's starting to normalize now. It's starting to get back to, hey, they know they have projects to do.

另外一個有趣的點是，就美國聯邦部門而言，我不知道你是否也從其他公司聽到，但今年前半段有點混亂。當時是 DOGE，沒人知道自己會不會有工作，每一筆支出都被嚴格審視。現在開始正常化了。也開始回到一種狀態：嘿，他們知道自己有專案要做。

It's like more of a same environment. They have to invest. They have to make long-term decisions. I think that's benefiting us. And like we mentioned its largest deal in Q3 was in US federal. And if you look at the next couple of quarters for us, there's tons of big opportunities out there. We're working hard to close.

環境更像是回到常態。他們必須投資。他們必須做長期決策。我認為這對我們有利。而且如我們提到的，我們在第 3 季最大的案子是在美國聯邦部門。如果你看接下來幾個季度，我們有大量大型機會在那裡。我們正努力把它們拿下來。

Okay. Great. Well, apologies, we weren't able to get to everybody. Before you go, just let you know that in addition to the on-site and virtual bus tours coming through this quarter, we've, of course, got our Oktane Conference the week of September 21.

好的。太好了。那麼很抱歉，我們沒能回答到每一位。在你們離開之前提醒一下：除了本季進行的現場與線上巴士參訪（bus tours）之外，我們當然也會在 9 月 21 日那週舉辦 Oktane 大會。

We'll be at the Goldman Sachs Conference in San Francisco on September 9, the Wolfe Conference in San Francisco on September 10, the Piper Sandler Growth Conference in Nashville on September 15 and the JPMorgan Software Forum in Napa on October 2. So we hope to see you at one of those events. Thanks.

我們將於 9 月 9 日在舊金山參加高盛（Goldman Sachs）會議、9 月 10 日在舊金山參加 Wolfe 會議、9 月 15 日在納許維爾參加 Piper Sandler 成長會議，以及 10 月 2 日在納帕參加摩根大通（JPMorgan）軟體論壇。所以希望能在其中一場活動見到各位。謝謝。

Thanks, everyone.

謝謝大家。